Panagora Asset Management Inc. Has $65.56 Million Stock Holdings in Newmont Corporation $NEM

Key Points

• Panagora Asset Management Inc. significantly increased its holdings in Newmont Corporation (NYSE:NEM) by 21,069.5% in the first quarter, owning over 1.35 million shares valued at approximately $65.56 million.
• Insider trading showed activity with CAO Brian Tabolt selling 7,015 shares and Director Bruce R. Brook selling 2,077 shares, indicating a decrease in their respective ownership stakes.
• Analysts are optimistic about Newmont's stock, with ratings ranging from Strong Buy to Hold, and an average price target of $64.58 reflecting positive market sentiment.

Panagora Asset Management Inc. lifted its stake in Newmont Corporation (NYSE:NEM - Free Report) by 21,069.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,357,812 shares of the basic materials company's stock after buying an additional 1,351,398 shares during the period. Panagora Asset Management Inc. owned about 0.12% of Newmont worth $65,555,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in NEM. Nuveen LLC bought a new stake in shares of Newmont in the first quarter valued at about $306,507,000. Pacer Advisors Inc. lifted its stake in shares of Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock valued at $259,580,000 after buying an additional 5,251,616 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Newmont in the fourth quarter valued at about $92,693,000. Caisse DE Depot ET Placement DU Quebec lifted its stake in Newmont by 1,074.8% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company's stock worth $116,416,000 after purchasing an additional 2,206,017 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Newmont during the fourth quarter worth about $75,435,000. Institutional investors own 68.85% of the company's stock.

Newmont Price Performance

Shares of NEM stock traded down $0.43 during trading hours on Wednesday, hitting $75.43. 8,872,360 shares of the company's stock were exchanged, compared to its average volume of 11,714,007. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The stock's 50-day moving average is $64.56 and its 200-day moving average is $55.41. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $76.52. The stock has a market cap of $82.86 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 0.88 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. During the same quarter in the previous year, the company posted $0.72 EPS. Newmont's revenue was up 20.8% on a year-over-year basis. As a group, research analysts forecast that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date is Thursday, September 4th. Newmont's payout ratio is 17.95%.

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $132,221.82. Following the completion of the sale, the director owned 41,026 shares of the company's stock, valued at approximately $2,611,715.16. The trade was a 4.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares of the company's stock, valued at $3,739,133.76. This represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,169 shares of company stock worth $1,098,636 in the last quarter. Insiders own 0.05% of the company's stock.

Analyst Ratings Changes

NEM has been the subject of a number of analyst reports. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Stifel Nicolaus initiated coverage on shares of Newmont in a research note on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target for the company. UBS Group raised their price target on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. Royal Bank Of Canada raised their price target on shares of Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $60.90 price target on shares of Newmont in a research note on Tuesday, July 8th. Four investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and a consensus price target of $65.15.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.